China Minsheng to develop steel plant in RI
Wednesday, April 22 2015 - 01:54 AM WIB
China Minsheng Investment Corp Ltd (CMI) has set aside US$5 billion to be invested in steel, cement, port, and coal sectors in Indonesia, reports said on Wednesday.
Bisnis Indnesia quoted CEO of CMI, Huaizhen Li as saying that the planned investment comes following a recent visit by Indonesian President Joko Widodo to China.
He said that the first project to be developed by the company is a 3 million-ton per annum steel plant. He said that the company was still looking for the right location for the planned steel plant , which will be expanded by another 3 million-ton per annum in the second phase development.
Li said that total investment for the steel plant project is estimated at $1.6 billion. ?We hope construction can start at the end of this year,? he said. (*)